THE Reserve Bank of Zimbabwe (RBZ) is planning to launch an investigation into Foreign Currency Accounts (FCAs) belonging to Non-Governmental Organis
ations (NGOs) in its bid to hunt down those who traded on the parallel market.
The investigation will start early January when the central bank interviews the non-governmental organisations.
Sources told businessdigest that the NGOs will be called to the central bank for “routine” interviews to explain how they liquidated their foreign currency earnings.
The NGOs have since been informed by the central bank to prepare supporting documentation detailing how they liquidated their foreign currency during the year.
“We were told that we would attend interviews to explain and verify our foreign currency liquidation. The interviews are in January,” said a senior official with one NGO.
“We saw it coming. At my organisation we are covered, most of us have our receipts. We warned a number of other NGOs to be prepared, if they are caught off-guard then is will be unfortunate,” the official said.
The move has sparked a rush by affected NGO employees who have made a beeline for Botswana, South Africa, Zambia and Mozambique to return with receipts to give to the central bank as supporting documents to justify their liquidations. Businessdigest spoke to employees at a Harare-based NGO who were preparing to make a visit to Botswana to get receipts and cover their trails.
“I am going to Botswana to get those receipts. If I don’t I will be charged with dealing on the parallel market,” said one of the employees.
National Association of Non-Governmental Organisations (Nango) chief executive officer, Cephas Zinhumwe, said he was not aware of the developments.
“I will comment when the issues are out, when they are indeed called to the interviews,” Zinhumwe said.
RBZ governor, Gideon Gono, was not available for a comment as he was said to be in meeting over the cash issue. The central bank believes that some NGOs could be the source of the foreign currency that is being traded on the parallel market.